Gold dips after two-month peak
Gold prices worldwide declined by approximately 1.2%, reaching $4,354.58 per ounce. This follows an earlier peak, which was the highest in over two months, at $4,449.39. The decline is attributed to profit-taking after a strong weekly increase of 9%. The drop came after the release of U.S. economic data that eased expectations of an interest rate hike by the Federal Reserve. Inflation data showed a slowdown in annual inflation to 3.4% in July, with the likelihood of a rate increase in September falling to 34%. Gold prices were also impacted by the proximity of prices to resistance at $4,500, a level that analysts believe reflects cautious market sentiment. Other precious metals experienced similar declines.
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